1. 1. For purposes of this rule, a minor development transaction is a proposed development transaction that:

   1. (a) involves a projected commitment of trust lands or assets of less than $5 million; or
   2. (b) if the proposed development transaction is a joint venture or Other Business Arrangement, involves a projected commitment of trust lands or assets of less than $2 million.

2. 2. The agency shall provide the board with the following information with respect to a proposed minor development transaction:

   1. (a) a description of the parties to and terms of the proposed transaction;
   2. (b) an economic analysis of the proposed transaction;
   3. (c) a description of the competitive or advertising process used in soliciting offers for the transaction;
   4. (d) a declaration of staff conflicts of interest, if any;
   5. (e) if the transaction will involve the subordination of trust assets in connection with a joint venture or Other Business Arrangement, a description of the assets and an analysis of relevant risks to those assets; and
   6. (f) other relevant information derived from the agency's due diligence activities.
3. 3. The board must approve any proposed minor development transaction that is a joint venture or Other Business Arrangement in accordance with Subsection 53C-1-303(4)(e).
4. 4. The director may approve any proposed minor development transaction that is not a joint venture or Other Business Arrangement after compliance with Subsection R850-140-500(2).
5. 5. The board or director, as appropriate, may approve, conditionally approve, or reject any proposed minor development transaction consistent with their fiduciary obligations.

KEY: development, land sale, real estate

Date of Last Change: October 11, 2022

Notice of Continuation: September 9, 2021

Authorizing, and Implemented or Interpreted Law: 53C-2-201; 53C-4-101(1); 53C-4-103